Under six years of a Labor Government, power prices doubled.
We’ve now turned a corner. Household electricity prices in the National Electricity Market have fallen by 8%, and for businesses by 10-12%, over the past two financial years.
The ACCC says electricity costs are now the lowest they’ve been in 8 years.
The Government is working to reduce power prices by:
- Continuing to hold energy retailers to account and banning sneaky late penalty payments.
- Big stick legislation requiring big energy companies to put their customers first and pass on savings.
- Investing in new energy generation and targeted transmission lines.
- Ensuring domestic gas supplies, including the Beetaloo Basin.
In 2020, Australia deployed more renewable energy than in the six years of the previous Labor government.
Australia has the world’s highest uptake of rooftop solar, with one in four homes with rooftop solar panels.
We are building wind and solar three-times faster than Europe or the USA (on a per-person basis).
By strengthening the grid – accelerating major transmission projects – we will enable electricity to be shared between states.
We are backing projects to unlock the supply of natural gas, which is a flexible, reliable, energy source that helps lower emissions.
The Government is building Snowy 2.0. This will increase the reliability of renewable energy, and meet the peak demand for up to 500,000 homes.
To fill the gap created by the closure of the Liddell Power Station in 2023, the Government is investing up to $600 million building a new gas-fired power station – to be built by Snowy Hydro Limited – in the Hunter Valley.
The Government has outlined its technology led plan to lower emissions, lower costs and support jobs. This includes clean hydrogen, electricity storage, low emissions steel and aluminium production, carbon capture and storage and soil carbon sequestration.
In the recent Budget, we made further investments in microgrids to support regional and remote communities with small-scale renewable energy projects like solar and batteries.
A low-emissions future with reliable and affordable power is critical to our plan for a strong economy and a stronger future.
This decade, the Government will invest more than $22 billion in low emissions technologies, driving over $88 billion of total investment to reduce emissions while growing the economy and creating jobs across Australia.
Information current as at April 2022